Tensions between the West and China are rising, from tit-for-tat trade tariffs to tech rivalry and spying allegations. The ramifications for global markets are significant, with Washington and Beijing’s determination to loosen dependence on each other fraying long-established supply chains. That could help keep inflation and interest rates elevated. Still, there are gains for emerging nations and tech giants on the right side of the power battle. Here’s how Western-China tensions are shaping markets. HELLO INFLATION U.S. President Joe Biden is determined to bring manufacturing in strategic sectors such as electric vehicles and semiconductors back home. TSMC, the world’s largest...